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Bill Barrett Corp. closes on sale of gas assets

Published on NewsOK
Modified: January 2, 2013 at 9:01 pm •
Published: January 2, 2013

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DENVER (AP) — Bill Barrett Corp. has closed on its sale of natural gas assets in Wyoming and Colorado to an affiliate of Vanguard Natural Resources, LLC.

The Denver-based company on Wednesday reported net proceeds of $329 million from the sale, which included Wind River Basin natural gas-producing properties, Powder River Basin coal bed methane assets and a working interest in its Gibson Gulch-Piceance Basin development property.

Proceeds are being used to pay off the $250 million balance on the company's revolving credit facility as of year-end 2012 and to 2013 development capital.

The company says its borrowing base on its revolving credit facility was reduced by $75 million to $825 million based on preliminary year-end 2012 reserves, which exclude the properties sold to Vanguard.